Many fans have been raging on social media after Real Madrid suffered a injury time defeat to Real Betis in La Liga last night

Danilo puts on a Real Madrid shirt after signing for Los Blancos in 2015

Their partnership began at the beginning of this season and is worth £47m on an annual basis.

Real are currently sixth in the rankings, with Chelsea, Arsenal and Bayern Munich all bringing in more sponsorship money than them, having penned their first deal with Fly Emirates in the summer of 2013.

Their current £20m-a-year income equates to Liverpool’s shirt sponsorship with Standard Chartered, but Marca report their extension will run to the end of 2021/22 and will bring in around £62m every year.

That exceeds United’s existing deal by more than £9m-per-year, and sets a new world record for a football kit sponsor.

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Adidas and Real Madrid are in negotiations over an kit deal extension

Meanwhile, Real Madrid have already entered talks with Adidas over a new deal to continue supplying Los Blancos’ famous all-white kit.

They intend to negotiate a deal which surpasses the £105m that Nike presently pay Barcelona to make their strip.

A few months ago Football Leaks revealed a draft of Adidas' proposal to Real, which was reportedly £70m in sponsorship and another £30m for merchandising.